The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. Trump’s Truth Social looks set to hit Wall Street in a move that could give him stock worth billions of dollars on paper. But the former president likely can’t cash it out right away, unless some things change. NEW YORK — The Wall Street debut of Donald Trump’s Truth Social network could give him stock worth billions of dollars on paper.
For investors, SPACs offer a way to get into hyped, potentially faster-growing companies such as TMTG, the DraftKings betting service or SoFi banking. Trump’s company hopes to trade under the ticker symbol DJT, the former president’s initials. The same ticker symbol was used by Trump Hotels & Casino Resorts before it filed for Chapter 11 bankruptcy protection in 2004.
There are a few exceptions, such as by transferring stock to immediate family members. But in such cases, the recipients would also have to agree to abide by the lock-up agreement. Some companies’ boards in the past have altered lock-up agreements to allow investors to sell earlier.
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